FxWirePro: USD/INR exhibits range bound movement, stay bullish only above 67.12 mark

• USD/INR is currently trading around 67.00 marks.
   
• It made intraday high at 67.08 and low at 66.82 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 66.75 mark.
   
• Key resistances are seen at 67.12, 67.34, 67.55, 67.97, 68.10, 68.50, 68.68, 68.83 and 68.98 marks respectively
  .
• On the other side, initial supports are seen at 66.75, 66.42, 66.30 and 66.16 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• India’s NSE Nifty was trading around 1.22 percent higher at 10,815.80 points while BSE Sensex was trading 1.25 points higher at 35,608.88 points.
   
• Yesterday RBI released interest rate decision.
   
• India central bank raises repo rate by 25 bps to 6.25 pct, reverse repo rate rises to 6.00 pct.

We prefer to take short position in USD/INR only below 66.82, stop loss at 67.12 and target of 66.42.

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